Homebuilder Giants Lennar, PulteGroup Hit New 52-Week Highs As Rate Cut Closes In

Homebuilder stocks are hitting new highs as anticipation builds ahead of the Federal Reserve’s upcoming rate cut decision. Both Lennar Corp (NYSE:LEN) and PulteGroup, Inc. (NYSE:PHM) surged to 52-week highs on Sept. 18, with Lennar reaching $190.12 and PulteGroup hitting $141.43. The rally comes as investors bet that the Fed’s expected rate cut could further boost the already resurgent housing market. Lower Rates To Benefit Home Builder Stocks A note from Bank of America Securities highlights that the rally in homebuilder stocks has been underway since early July, coinciding with a drop in 30-year mortgage rates from 7% to 6.2%. “Lower rates ...